While Chesapeake Energy reported a record third quarter that ended with $1.3 billion in net cash from operating activities, don’t expect the same thing in 2023. It’s what Chesapeake CEO Domenic Dell’Osso warned investors during the company’s conference call. He blamed inflation, saying it could surpass 15% next year. As a result of growing costs …
November 2022 archive
SandRidge Energy returns more wells to production and makes slight gain in 3Q earnings
SandRidge Energy reported only a slight gain in earnings in the third quarter report issued this week but returned more wells to production following a shutdown in 2020. The company reported its adjusted EBITDA was $54.8 million compared to $53.7 million in the previous quarter. Net income for the third quarter …
Continental offered strong 3Q report as Hamm continues with private takeover
Just as billionaire Harold Hamm and his family prepare to take full control of Continental Resources and end public control, the Oklahoma City company reported a strong third quarter earnings. Cash flow from operations totaled $2.22 billion while free cash flow was $1.01 billion. Net income for the quarter came to $1.01 billion or …
Crude storage grows at Cushing Hub
U.S. crude oil storage dropped in the past week while there was an increase in the amount of oil stored at the Cushing hub in northern Oklahoma. The EIA reported Cushing’s total of oil in storage as of Oct. 28 was 28.2 million barrels, up from the 26.9 million barrels reported as of Oct. 21 of …
Energy Transfer exec compares Biden administration to Saturday Night Live skit
You might not blame Energy Transfer LPL executive officer Marshall McCrea for using an earnings conference to blast President Biden, comparing his administration’s attacks on the oil and gas industry to a “Saturday Night Live skit.” He’s the co-chief executive at Energy Transfer and used the Tuesday conference call to complain about what he …
Note to our readers
We apologize for some of the technological issues regarding our daily Well Reports—those of Permits to Drill and Completion Reports. They have been absent for the past week. The firm that supplies the data to us has been challenged with the issue and hopes to have things “working again early next week.”
Devon dropped 13% after cutting dividends
A surprising dividend cut sent shares of Devon Energy plunging on Wednesday. Shares dropped nearly $10 by the time the trading bell sounded. Devon closed down $9.86 or 12.76% to settle at $67.44 a share. It came a day after Devon had an upbeat third quarter earnings report. But, the Oklahoma City-base company also …
Crude oil prices rose after fed raised interest rates
While the Federal Reserve hiked interest rates for the fourth time this year, crude oil prices responded Wednesday with gains for the day. But Oklahoma energy stocks went the opposite direction. West Texas Intermediate crude for December delivery went up $1.63 a barrel to finish the day at $90 on the New York Mercantile …
OKC’s Galvanic Energy the ‘tip of the spear’ in lithium development for EVs
Brent Wilson and his former colleagues who joined him after being laid off from an Oklahoma City oil and gas company might be sitting on a gold mine. A gold mine of lithium, the mineral that’s a hot commodity as the U.S. electric vehicle rapidly expands, creating a strong demand for the creation of …
Low diesel fuel inventory results in increased prices
A new report from the U.S. Energy Information Administration shows what happens when the nation’s diesel fuel inventory is low—rising prices. The EIA reported the New York Harbor spot price for ultra-low sulfur diesel averaged $4.36 a gallon, the highest monthly average price since May of 2022 and the second-highest monthly average price on …